Nigeria’s Central Bank will begin the implementation of an amended 2015 Cybersecurity Act that will levy a 0.5% fee on all electronic transactions on May 20, an increase of 900% from an earlier levy of 0.005%. It means an electronic transfer of ₦1,000 will attract a ₦5 fee while a ₦100,000 transfer will attract a ₦500 fee. The value of electronic transactions in Nigeria rose by 66% to over ₦600 trillion in 2023, according to the Nigeria Inter-Bank Settlement System (NIBSS). The Cybersecurity Act was first passed in 2015 and introduced a 0.005% levy on electronic transfers. The cybersecurity levy will be remitted monthly to the National Cybersecurity Fund (NCF), managed by the NSA.

Source: The Guardian May 07, 2024 14:35 UTC